The summer of 2014 is really heating up in the alternative cryptocurrency world. What will the next few months bring for altcoins? We can all agree that, well, nobody is certain.
To get a perspective on the possible road ahead, All Things Alt caught up with Max Keiser, host of The Keiser Report, guru for maxcoin, and one of the leading voices behind StartCOIN, a new altcoin-powered crowdfunding initiative.
Read on to see what Keiser had to say about alt investment, maxcoin and the inherent political nature of digital currencies.
The case for altcoins
Keiser suggested that altcoins are a great way for investors to diversify their digital currency performance. He said that he maintains “a diversified portfolio of coins, with bitcoin being the biggest portion”, adding that he believes “alts offer a great way to have exposure to different segments”.
“Altcoins offer ways to gain exposure to different segments of the crypto-universe. Darkcoin is a brilliant coin that addresses a real need. As I said before, the market as a whole is set for 100x growth so there is plenty of upside.”
When asked whether or not it is ethical to promote altcoin investment, as large price swings can lead to losses, Keiser offered, “I’m like Warren Buffet. I talk about the coins I myself own including maxcoin”.
The future of maxcoin
Some critics have said that Keiser abandoned maxcoin, leaving its reputation – and price – up to the whims of market movers.
Keiser conceded that the development team was “overwhelmed at the launch”. However, he rejected the idea that the project was a failure and said that things are still going on behind the scenes that could produce some positive results if successful.
“In the case of maxcoin, this was a coin that was started by students at Bristol University who I don’t think were prepared for the huge interest they got but I supported them and continue to do so because they’re very talented and we’re still very early in the game.”
Keiser added that he thinks “we’ll see a return to the old highs before the end of the year” and that “it’s probably a good buy at these levels”.
Bitcoin still the king
On the other hand, Keiser believes that while altcoins have a role to play, ultimately it is bitcoin that will remain the top digital currency.
“Let me be clear. Everybody should have, as their core holding, some bitcoin. Bitcoin is here to stay and is set to top $400 billion. I agree with the Winklevoss twins on this.”
Still, Keiser said that alts remain a significant part of the future of digital currency. He touched on the political ramifications of digital currencies, which ties into the concept of decentralization that is being realized in crowdfunding and eCommerce projects currently in development.
Additionally, Keiser said that alts – along with bitcoin – will contribute to the broader, long-term shift away from fiat currencies in favor of digital currencies.
“As long as Amir [Taaki] and his followers are around, bitcoin and alt coins will be pushing the political envelope and God bless them. We need as much political disruption as can get these days.”
Strange alt of the week
Last week, we looked at several altcoins that celebrated the arrival of the FIFA World Cup. While those didn’t fall into the ‘unusual’ category per-say, they were notable for the fact that they existed largely to promote a temporary event.
Perhaps these belong to a class of coins unironically dubbed ‘commemorative coins’, and it’s possible that we might see more coins of this nature as important events develop.
An upcoming coin release fits in well with this trend. Cantorcoin is an alt that supposedly celebrates the momentous (and, in many books, historic) political loss of US Congressman and former House Majority Leader Eric Cantor in a primary election.
With the slogan “Moderately Rare – Conservatively Secure”, cantorcoin has earned this week’s Strange Alt of the Week award.
Notably, cantorcoin’s max supply count is 100,614 coins. According to a development statement posted on CryptoCoinsTable.com, this number representing the “the 10th day of the 6th month of the year 2014”, which is the day of the Republican primary in which Eric Cantor lost his seat in the next Congress, all but forcing him to resign his leadership post.
Furthermore, the developer states that there is no premine, anticipating that the total amount of cantorcoins will be quickly mined and become “a collectible coin”, and adding that any available coins will “disappear quicker [than] water drops on Route 66”.
Images via BitcoinTalk, MaxKeiser.com
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Disclaimer: This article should not be viewed as an endorsement. Please do your own extensive research before you consider investing in the altcoin space.